"Overall, we're seeing great improvement with year-to-date volume, up more than 10 percent over 3Q 2016," remarked Carl Benincasa, Regional Vice President of Sales for the Hamptons at Douglas Elliman
Real Estate, about The Elliman Report: Hamptons 3Q17. "While indicators point to a soft high-end market, Elliman has been able to boost overall performance with double-digit gains in both sales price and closings in mid-tier listings such as condos, along with a historically high presence in the high-end market, this year claiming the bulk of the top sales in the region."
This marks the ninth consecutive quarter where inventory declined in the overall market. However, while inventory is disappearing, the "Hamptons middle" ($1 million to $5 million) was the only segment that saw a sales gain. While bidding wars for the overall market increased, that was not the case for the luxury market, but Q3 was the quickest condo marketing time ever recorded.
"Q4 promises to bring more good news with one of our biggest deals having already closed in the quarter and more top-ten-level deals in contract," he noted.
The median sales price in the Hamptons grew 7.9 percent to $890,000, while the average sales price dropped 4 percent to $1,675,998. Properties were on the market for a shorter period of time, from 142 to 132 days and listing inventory declined by 4.4 percent to 1,465.
"The luxury market has seen rising absorption rates and increasing inventory compared with the mid-tier market which has seen close to a 30-percent drop in absorption rate and a 30-percent increase in average sales price," Benincasa said. "This indicates that Hamptons buyers are showing more interest in smaller, more manageable homes."
But, Benincasa believes there's still plenty of sales in the luxury market to be seen. "The market however still seems to have plenty of opportunity for the high end, with more than ten sales over $20 million before the end of Q3," he concluded.
Nicole is the Editor-in-Chief of Hamptons.com where she focuses on lifestyle, nightlife, and mixology. She grew up in the Hamptons and currently resides in Water Mill. www.hamptons.com
Southampton Masonry-Visiting the Southampton or the Wainscott locations is an exciting experience.
Southampton Masonry has been serving Long Island's masonry and tile needs since 1975. Delivering quality products from Manhattan to Montauk for over three decades. The company's continued success is due primarily to their number one priority: customer satisfaction, with a promise of prompt and courteous service from the professional, knowledgeable staff.
Southampton Masonry has the largest inventory on the east end. As direct importers they can offer a large variety of the finest quality products at the most competitive pricing for both your interior and exterior projects.
Southrifty Drug 54 Jagger Lane, Southampton Village
Southrifty Drug is a small, neighborhood pharmacy with limited shelf space, and we have to be very selective about which over-the-counter items we carry. As a result you'll find a no nonsense concentration of very effective, high quality and useful products on our shelves. In this new section, we feature a number of these products that we feel are especially worthy of your consideration.
Burner Law Group, P.C.
Burner Law Group, P.C. are full service elder law attorneys concentrating in the areas of Estate Planning, Trust and Estate Administration and Litigation, Special Needs Planning, Guardianship and Elder Law. Offices in East Setauketé NY, Westhampton Beach, NY, and New York, NY.
Aimee Fitzpatrick Martin, Licensed Associate Real Estate Broker
Considered a West of the Shinnecock Canal expert with a 5-star Zillow ranking, Aimee specializes in the luxury and waterfront markets in Quogue, Westhampton Beach, Remsenburg, East Quogue and Hampton Bays. With exceptional communication skills and a buttoned-up approach to every deal, she is highly skilled in the art of the negotiation process. Understanding the nuances of buying and selling waterfront homes, especially on Dune Road, is a specialty.